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Post by EoE: Well There's Your Problem on Jul 25, 2022 14:47:05 GMT -5
HHH is the guy who looked at Adam Rose and said something to the effect of "I don't get it, but the crowd loves it". Yeah, impossible for this to not be a good thing. Also, defrauding your company $14.6 million is certainly a move. A quick google search shows that Vince is worth 2.4 billion USD Why was he defrauding the company 14.6 million if he's worth over $2 BILLION DOLLARS?! He must REALLY like sex and the power dynamic thereof.
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Post by mistery on Jul 25, 2022 14:53:00 GMT -5
HHH is the guy who looked at Adam Rose and said something to the effect of "I don't get it, but the crowd loves it". Yeah, impossible for this to not be a good thing. Also, defrauding your company $14.6 million is certainly a move. A quick google search shows that Vince is worth 2.4 billion USD Why was he defrauding the company 14.6 million if he's worth over $2 BILLION DOLLARS?! Because billionaires hate spending their own money
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Post by TOK Is the Target Demo on Jul 25, 2022 14:58:53 GMT -5
A quick google search shows that Vince is worth 2.4 billion USD Why was he defrauding the company 14.6 million if he's worth over $2 BILLION DOLLARS?! Because billionaires hate spending their own money He was spending his own money. The issue is the fact that Vince had to pay out and have NDAs signed by former talent and staff would likely have a financial impact on the company.
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Post by Finish Uncle Muffin’s Story on Jul 25, 2022 15:00:18 GMT -5
Because billionaires hate spending their own money He was spending his own money. The issue is the fact that Vince had to pay out and have NDAs signed by former talent and staff would likely have a financial impact on the company. Not just financial impact, they benefitted in general from those NDA’s existing.
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Post by The Heartbreak TWERK on Jul 25, 2022 15:04:23 GMT -5
Bruh, imagine being such a dipshit moron that you use funds from a publicly traded company for hush money.
"But he's a genius!" - Gerald Brisco, probably.
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Post by Feyrhausen on Jul 25, 2022 15:04:55 GMT -5
A quick google search shows that Vince is worth 2.4 billion USD Why was he defrauding the company 14.6 million if he's worth over $2 BILLION DOLLARS?! Because billionaires hate spending their own money Most of his worth is tied up in his WWE stock. His liquid assets are much much less. Thats why another billionaire who decided to buy something big for too much money is now trying to get out of it. Because his companys stock took a hit, he cant borrow as much against it, and now he would have to invest too much of his liquid assets to make the buy. But I would think Vince could still afford that amount no problem.
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Lardlad
El Dandy
Live reaction to @WWE #WWENetwork
Posts: 8,272
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Post by Lardlad on Jul 25, 2022 15:05:16 GMT -5
So this…puts some of it in a whole new context.
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ssdrivin
ALF
Claims to be squishy, has yet to be proven.
Posts: 1,042
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Post by ssdrivin on Jul 25, 2022 15:05:22 GMT -5
For those curious about Vince trying to force people around because he owns the majority of the voting shares: If the board finds that Vince violated the company bylaws (spoiler: he did), one of the penalties can be forcing him to divest (sell) most or all of his stocks. And that could actually be a problem for anyone not wanting to see the company strip mined. If a random asset company buys enough stock to take control, the cuts Nick Khan made would seem miniscule. Man, I don't expect it to happen, and I really hope it doesn't (now that there's a chance WWE could improve but still be run by people who have a long history with it), but just imagine if Vince got WCW'd and the company ended up being yoinked out from under the McMahons... That'd be some kind of poetry, 21 years after the end of the InVasion angle.
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Post by darbus alan on Jul 25, 2022 15:17:09 GMT -5
And that could actually be a problem for anyone not wanting to see the company strip mined. If a random asset company buys enough stock to take control, the cuts Nick Khan made would seem miniscule. Man, I don't expect it to happen, and I really hope it doesn't (now that there's a chance WWE could improve but still be run by people who have a long history with it), but just imagine if Vince got WCW'd and the company ended up being yoinked out from under the McMahons... That'd be some kind of poetry, 21 years after the end of the InVasion angle. "The name on the contract does say Khan. However the contract reads TONY Khan! That's right, I now own WWE!" Then he does a line on the newly reinstated Spinner Belt WWE Championship.
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Post by Finish Uncle Muffin’s Story on Jul 25, 2022 15:17:56 GMT -5
Bruh, imagine being such a dipshit moron that you use funds from a publicly traded company for hush money. "But he's a genius!" - Gerald Brisco, probably. I don't want to be a broken record nor am I a Vince apologist, but it appears that he didn't outright dip into company funds to finance these payouts. It looks like the guy used his own money to finance all of this and then either his CFO and others weren't aware these payments existed or they turned a blind eye. Because they were private payouts that ultimately benefitted the company, that's why it turns out the company needs to categorize them as business expenses. I think he's a dipshit and getting what he deserves but he's getting what he deserves because he thought he was pulling a fast one over people by privately financing all of this shit.
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Post by Mister Pigwell on Jul 25, 2022 15:23:12 GMT -5
So this…puts some of it in a whole new context. Someone explain this to me like I'm an idiot (I actually am).
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Post by Feargus McReddit on Jul 25, 2022 15:25:42 GMT -5
Bruh, imagine being such a dipshit moron that you use funds from a publicly traded company for hush money. "But he's a genius!" - Gerald Brisco, probably. I don't want to be a broken record nor am I a Vince apologist, but it appears that he didn't outright dip into company funds to finance these payouts. It looks like the guy used his own money to finance all of this and then either his CFO and others weren't aware these payments existed or they turned a blind eye. Because they were private payouts that ultimately benefitted the company, that's why it turns out the company needs to categorize them as business expenses. I think he's a dipshit and getting what he deserves but he's getting what he deserves because he thought he was pulling a fast one over people by privately financing all of this shit. In a weird way, it’s worse. I mean, not worse than the sexual assault allegations and the abuse of female employees but more in the downright incompetence of those involved to let these things slide even if they were repaid. It basically all the recent financials and profits, potential decades if the filings are to be believed, with a giant asterisk next to them because even the smallest artificial bump could be the difference between the squiggly line going up above or below expectations. Bigger companies have tried this shit and paid the price so Vince doing it basically comes off like he really believes the “I’M VINCE MCMAHON, DAMNIT!” stuff. And again, all this before what might come out with the investigation because there’s potential that could cause more blowback from all this and it won’t just be him affected (or Ace as shown by basically him being Jazz’d out the company).
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Post by sabretooth on Jul 25, 2022 15:27:58 GMT -5
So this…puts some of it in a whole new context. Someone explain this to me like I'm an idiot (I actually am). Vince bad man.
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Post by Finish Uncle Muffin’s Story on Jul 25, 2022 15:28:57 GMT -5
So this…puts some of it in a whole new context. Someone explain this to me like I'm an idiot (I actually am). From 2006 until this year, Vince McMahon has been using personal funds to pay women. These women have all had non-disclosure agreements (NDAs) meaning they've agreed to not talk in exchange for financial compensation. Someone close to the paralegal mentioned in that initial report blew the whistle, which started a board investigation into Vince. As a result of the ongoing investigation, the company found $14.6 million in payouts, made using Vince's personal money, should in fact have been categorized as company expenses. Why? Because even though Vince personally paid these people, at the end of the day, it could be argued by investors and other regulators that these personal payments ultimately benefitted the WWE. If a party under NDA broke that agreement and started talking to media about what Vince did, that would ultimately impact not just Vince, but the company. USA/FOX and others probably wouldn't be too thrilled to hear that this was going on during ongoing contract negotiations and could potentially use it as leverage against WWE. It has a material impact on the business. As a result, WWE is restating financials for the last few years, spreading out those payments over the last few years. The reason is that if they were to just account for this number as part of the fiscal quarter they're about to report, it would have a material impact on their business performance. Spreading things out accounting-wise lessens the blow. TL;DR: Vince paid women off. The board believes that though the payments were from Vince personally, they benefit the company and should therefore be categorized as company expenses. More investigations are going to come as a result of this negligence on the part of Vince and the company.
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Post by Rudy Gobert Weather Machine on Jul 25, 2022 15:33:13 GMT -5
Santino Marella summary: He defrauda de investors
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Post by DrBackflipsHoffman on Jul 25, 2022 15:36:12 GMT -5
vince mcmahon is going to jail
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Post by Finish Uncle Muffin’s Story on Jul 25, 2022 15:38:21 GMT -5
vince mcmahon is going to jail Unless it turns out there are worse financial practices that will come out, I highly, highly doubt it. I hate to sound pessimistic, but the money we're talking about here has an immaterial impact on company revenue, so it's not like he was misrepresenting revenue by some wild margin. He'll get his wrist slapped, leave the business world disgraced and at very worst have to divest his shares in WWE and that'll be that. Jail time's probably not in the cards.
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Post by DrBackflipsHoffman on Jul 25, 2022 15:40:03 GMT -5
I dunno, i'm still thinking prison forever with no parole, probably solitary
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Post by The Heartbreak TWERK on Jul 25, 2022 15:44:01 GMT -5
Santino Marella summary: He defrauda de investors
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XIII
Bill S. Preston, Esq.
Posts: 18,962
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Post by XIII on Jul 25, 2022 15:50:11 GMT -5
This is eventually going to end with Nick Khan and the Rock owning the WWE. Somehow, someway.
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